Highland closes Asia, US healthcare fund at $147m
Highland Capital Management has raised approximately $147 million for an Asia and North America-focused healthcare fund, having received an anchor LP commitment from South Korea’s National Pension Service (NPS).
The alternative investment firm has extensive experience in healthcare globally, with over $2 billion in assets under management across different credit strategies. About half of its more than 15-year track record in private equity alone relates to healthcare companies. In Asia specifically, Highland will work with Korean GP Stonebridge Capital, which will serve as co-manager of the new fund.
Highland said that investors participating in the fund have specific objectives within the healthcare space in addition to investment returns. This includes access to opportunities for co-investment in order to serve their strategic goals in Korea, China and the US.
“The demographic ‘graying’ of America and increased access to healthcare services in Asia is driving greater utilization levels and more complex consumer and government demands on the sector. These factors combined with the evolution to value-based reimbursement models create significant opportunities for healthcare investors,” said Matt Jameson, managing director and co-head of private equity, in a statement.
Highland has around $14.9 billion of assets under management globally in areas such as credit hedge funds, long-only funds and separate accounts, distressed and special situations private equity, collateralized loan obligations (CLOs), and natural resources. The firm is headquartered in Dallas and maintains offices in New York, Sao Paulo, Singapore, and Seoul.
The Highland healthcare management team includes nine sector specialists and analysts covering 400 stocks in healthcare services, medical technology, pharmaceuticals and biotechnology, and life science tools.
NPS had KRW512.3 trillion ($455 billion) in assets in 2015, up from KRW470 trillion the previous year. Of this, KRW54.7 trillion was in alternatives, with a 60% allocation to foreign investments. The private equity portion of the international portfolio was KRW9.1 trillion in 2015, compared to KRW15.5 trillion for real estate and KRW7.7 trillion for infrastructure.
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